Good day and welcome to the home24 publication of the Quarter Two 2022 Trading Update conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Marc Appelhoff. Please go ahead. Thank you very much, and good morning, everyone. When we last spoke and shared our Q1 financial results, we were still rather at the beginning of the current macro crisis induced by the war in Ukraine. Back then, we shared our priorities of focusing on ensuring a sustainable supply chain and retaining short-term profitability perspective, while still delivering upon key strategic priorities like the Butlers integration and the launch of our curated marketplace. Obviously also caring for our activities on the ground, with eight franchise stores in Ukraine. While we cannot influence the broader macro topics induced externally, we are glad to be able to share with you today that we've delivered upon the key topics that are in our hand. We will share today that we've delivered a very disciplined Q2 with both revenue and EBITDA improving compared to Q1 as previously signaled. This is also linked to including Butlers into our financials as of Q2, after closing on first of April, obviously. With the biggest effect still to follow in Q4 as that is the strongest quarter seasonally of Butlers. If we look at the highlights after revenues of EUR 140 million and a negative EBITDA of 4% in Q1, we report increased Q2 revenues of EUR 152 million and a positive EBITDA of 1%. This positive Adjusted EBITDA against the market trend would also have been positive in Europe, excluding the Butlers effect, which proves our diligent profitability management is paying off to date, and that we're taking the situation as seriously as it deserves. In combination with the Q2 2022 positive cash flow, we demonstrate that we're taking the market situation very seriously and have adopted accordingly, prioritizing revenue growth lower than historically and focusing on profitability and liquidity for the time being. Looking into a bit more details, Q2 order intake at -15% and revenue at -12% in constant currency were down notably. When considering that also investments into marketing were down by EUR 5 million in the quarter or 23%, this demonstrates that we're managing the lower demand online environment in a disciplined and agile way. Also, when looking at the EUR 152 million quarterly revenue, this is still 86% above the Q2 2019 revenues, with Butlers contributing around about EUR 24 million to Q2. Looking at profitability, we see especially also our order economics returning to more normal levels, with gross margin at 46% compared to 43% last year, and contribution margin at 30%, up 4% year-over-year. Even though a further recovery can still be expected with container rates and input prices stabilizing again and further action that we are implementing, taking effect in the coming quarters. In sum, Q2 is positive in Adjusted EBITDA despite the loss in top line, showing that our work in integrating Butlers and focusing on improving profitability is paying off. Our cash at EUR 66 million reflects the positive cash flow from operating activities, compensating for part of the outflow for the Butlers acquisition mainly, including also working capital investments on the Butlers business side. While we cannot influence the macro environment and the resulting addressable demand, we are progressing well with our key strategic projects, namely the curated marketplace and the Butlers integration, to best service customers online and offline with an inspiring and affordable assortment. Both projects are even more relevant in a downturn market environment as we gain access to lower ticket, less cyclical assortment and can extend our offering also at lower anchor price points in a swift manner, much faster than historically. In terms of outlook, it's virtually impossible to predict how long the market downturn will last, how long the Ukraine war will continue. We're focusing on what we can influence and have also adjusted our revenue outlook to around the lower end of the previous guidance range, down to now +3% to -7%, reflecting especially also headwinds in demand in Brazil. At the same time, we confirm our Adjusted EBITDA guidance of 1%-5% as the Butlers integration progress as well, and we are protecting cash and profitability by adjusting to the current market environment. We'll now take you through the strategic projects before looking into the financial development of Q2 in more detail. As in the quarterly presentation since the Mobly IPO, we're zooming into the European progress on key strategic topics and let Mobly speak to the market for themselves. Before we speak about the Butlers integration progress and the marketplace launch, then I feel we have to revisit the macro environment and how we fare in that. We do not need to repeat the current market trends narrative in detail. Yeah. The consumer sentiment in Q2 has reached an all-time low with limited indications for improvements. Even though there is positive signals like the gradual normalization of container costs, raw material prices like wood, the minimum step up, minimum wage step up in Germany, reaching 6,000 People that are currently. All those current positive signals are currently still dominated by rising energy costs and recession fears of the consumers. We've thus adjusted our actions accordingly already during Q2. We also do not expect, in our base case, the demand environment to improve short term in the second half of 2022. What we are focusing on is on what we can influence. When extending our assortments, we prioritize the relevant assortment that is less cyclical and reaches more price sensitive consumers. It's especially helpful that the Butlers' assortment has proven to be quite resilient already in previous downturns, as baskets are small and gifting and seasonal holidays remain relevant. To protect margins and liquidity, we have, among other initiatives, introduced delivery charges in Europe, where we previously offered free delivery, which influenced contribution margins very positively and basket size as well. We've also ensured that customer acquisition remains profitable and focused, and also been rigorous in ensuring that investments taken in the current market environment have a rather short payback period. Lastly, we've also adjusted overhead expenses to the current demand environment to ensure we're in a good position to remain cash break even as of Q4 in Europe, excluding seasonality. Now let's look into some of the more fun developments of Q2, starting with the launch of our marketplace. Since July, we're now finally live with our curated closed marketplace offering in Germany in the home24.de webshop after a successful soft launch phase that already started in May. As you see, we are now capable of completing rooms and extending our offerings swiftly and very efficiently with the aim of increasing the attractiveness of the Home24 destination for customers without overloading on choice and confusing the customer and not losing the customer value proposition. That is exactly why we select actively which assortment may go live to complement the existing Home24 assortment and also review the picture and product information quality, and most importantly, afterwards, also the customer experience. It's still early days, but the marketplace assortment is gaining great traction and relevance. As you can see, already more than 100,000 SKUs have been added to date, predominantly in smaller product categories where Home24 did not put its focus in the past. Just to give you an idea, we do curate on a vendor basis, so we don't let even all SKUs from each vendor. We do select what fits to our existing choice and what opens up opportunities, especially also in adjacent and new categories. While in Germany, the GMV share is already reaching mid-single digits. We're aiming to bring also the Austrian, Swiss and French marketplace live in the second half of this year, thereby adding a further dimension of localization of the assortment and therefore also new pockets of demand that we can tap into. Whereas demand remains rather at lower levels in the current market environment. We will drive increased conversion rates, not only of first time buyers, but also become more relevant for our more than 1.4 million active customers in Europe to not only buy with us for the first large furniture purpose, but then realizing also the potential of maximizing a repeat revenue potential of our existing base and of our new customers that join us every month. In sum, the marketplace will be a key growth and profitability driver, improving customer acquisition economics and repeat potential at the same time. Also, it will open up the internal sourcing team's capacity to double down on the differentiating private label offering that we also predominantly use for brand communication and present in our offline outlets. Speaking about differentiating, private label offering, let's move on to the progress we've made to date with the Butlers integration. In our last update, we shared that the Butlers assortment already went live on home24. They were bringing that differentiated accessories assortment already live to home24.de. By now it's live in all relevant European webshops, and has already gained significant traction in Germany, where it went live first. As you can see, on that page, where by now the roundabout 2,000 private label Butlers assortment, consisting primarily of home accessories, decoration, home textiles, but currently in the season also garden. In the last month has gained a top 10 vendor status in Germany, on the parcel side, even the top 5. Vice versa, we've completed the homework to soon start selling furniture also on the Butlers website and prepare selling in the Butlers stores. We'll gradually roll this out in the second half of this year with the curated private label furniture offering already going live in the Butlers webshop very soon, likely this week. Being shown not only in the 3 new home24 showrooms that we've opened in the existing Butlers stores in Berlin, Freiburg, and Göttingen at zero extra rent, but also in more than 30 Butlers stores with smaller available space, where we will add settings that shall create appetite to learn more about the furniture offering of the Butlers home24 offering. We will also expand this making appetite by printing a limited amount of catalogs that cater to those shop customers and that will be shared through our store footprint at very efficient costs. Lastly, Butlers obviously also immediately adds to the home24 profitability level despite being a Q4-skewed revenue and profit business. Yeah, with Q2 rather being the low season for Butlers, it contributed already EUR 24 million revenues and around 10% in the Adjusted EBITDA in Q2. Still, at the moment, the teams are getting closer and closer and are looking into best benefiting from the joint potential, especially also planning for the festive season in Q4 that is core to the Butlers seasonality and the Butlers core competence. One key factor of the Butlers acquisition has always been the potential of tapping then also into each other's customer base and introducing a joint loyalty and CRM program, especially also during the festive season where home24 usually had a very low season. Also here, we've made great progress. Just at the end of July, we have achieved the go live with our homeCLUB program, introducing the first steps of our joint loyalty vision, which is especially relevant in the current market environment, where promotions are even more sought after and online demand remains limited. In the current MVP phase of the homeCLUB program, obviously, we have many ideas of how to make it much more special and sophisticated. In this start phase, we have prioritized the customer benefit communication, including a customer loyalty card within the home24 app. It's very simple, basically, for those who don't speak German and can't read the slides. You either scan a code in the Butlers store because you're getting a promotion if you're a homeCLUB member and show your homeCLUB card, or you sign up already having downloaded the home24 app, and it's then a super lean process. You load the app, you accept the terms and conditions of the homeCLUB, then you access your individualized homeCLUB member pass, and this QR code is then scanned, and the cashier system recognizes the customer automatically and deducts the discount that is given at any given time for those customers. For example, for the launch, just on that one day, we gave 40% on everything in the stores. Basically everyone who was shopping for a larger basket signed up, and we had a few thousand homeCLUB members signing up on day one with those homeCLUB subscribers realizing two-thirds of daily store revenues and realizing a basket that was three times higher than the non-homeCLUB buyer on that day. We will now continue to learn and experiment with the homeCLUB to make it a valuable part of the home24 destination and value proposition, especially also in learning how to best acquire customers offline, also for the online presence and for the home24 world, which happens indirectly anyway as everyone accessing to the homeCLUB is downloading the home24 app and thereby has it on their mobile phones. If they agree, they're getting push notifications, and they're notified about all our new additions, our trends, and our promotions. Also vice versa, as you can see on the next page, by using our reach and marketing power by extending the relevance also to the offline stores. Basically, what you see here is an extension of our social marketing on Insta, where we then promote that there is selected discounts only available to homeCLUB members, only available in the stores. And obviously this is geolocated, and we are learning, we are optimizing. Our aim is to best promote both offline to online and online to offline customer journeys, especially in a market environment where customers are shopping around, are looking for deals and where online demand remains limited. Our growth potential by just scaling performance marketing is limited, and we can try and create our own demand by combining the offline visitors and the online visitors in the best way. Before we now turn our attention to the financials and I hand over to Philipp, I want to share our gratitude to all our home24 Butlers and Mobly colleagues who are delivering great results in the midst of this crisis, despite all the challenges and efficiency measures in place, and there's a negative news flow also in the world out there. Yeah, you're great. You're doing an amazing job, and we thank you very much for holding up in these special times. Thank you very much and passing over to Philipp for the financials. Thank you, Marc, and good morning, everybody, also from my side. When we start with the financials, we have a yeah, some slight changes here on the non-financial KPIs. It is different than what we previously reported because the previously reported key KPIs did not fit sufficiently to the company as it looks now post the recent acquisition of Butlers and our marketplace launch, as Marc has mentioned. Regarding the marketplace, the newly introduced GMV, compared to the previous GOV definition, now includes the full order volume on the Mobly and our recently launched home24 marketplace. Secondly, the Butlers acquisition leads to a higher share of offline business, and we therefore decided to give more transparency here and split the GMV according to these dimensions to provide more transparency, even though the offline share is still below 20%. As active customers and repeat behavior is not that well traceable for offline customers, and offline also includes our wholesale and franchise business, that is especially part of the Butlers operations, with very different characteristics. We continue to provide the details for number of orders, AOV, and active customer as you're used to it, only from an online perspective now going forward. Now, if we take a look at the numbers in more detail, of course, I mean, the market, the weak demand environment is also visible in the reported GMV, with offline suffering from the elevated previous year comparables and offline obviously gaining share as a result of the Butlers acquisition Europe, but also the extended store footprint in Brazil. Overall, the Brazilian offline share remains even post Butlers acquisition higher than what it is in Europe. The basket size in Europe declined as a result of the higher share of smaller items sold, even though on a category view, the AOV within the categories increased significantly as a result of the price increases implemented to counter the price increases that we received from our suppliers. The significant increase in AOV in Brazil is predominantly linked to a positive FX development. As a result, in real currency, the GMV of Mobly would also not have been a -16%, as you see it here on the slide, but a +2%. Quite a meaningful impact from the FX development this time in our favor. In real currency, the picture is much more positive than what it is in constant currency. Regarding the IFRS figures and starting with revenue, we now consolidate as of Q2, as Marc said, the Butlers figures in our group and European segment numbers. As visible in the order intake, the effect of weak market environments paired with a strong year previous year comparables is reflected in the year-over-year revenue development. In Q2, it would have been -12% in constant currency, and in H1, it would have been -13% respectively. If we put these numbers into a longer trend perspective, that's also what you see then in the slides, the positive trend is still intact. On a three-year perspective, growth in Q2 still amounts to 86% and to 73% for H1 respectively. Due to the Butlers acquisition, the growth in Europe is also obviously more pronounced than in Brazil. Overall, Butlers contributes EUR 24 million in revenues to our Q2 revenue result. The average FX rates from the Brazilian reais supported the revenue development in Brazil. The Latin America segment contributed growth of +5% in Q2 or +4% in H1 in real currency, while growth in constant currency would have been negative. Now turning to profitability and the Adjusted EBITDA. The Adjusted EBITDA margin in Q2 increased compared to Q1 to 1% despite the lower revenue basis and in contrast to the market trend. The second quarter is seeing a clear turnaround compared to Q1, especially in Europe and even excluding the Butlers operations, which strengthened our profitability level on top, as Marc also showed on the Butlers slide. Europe standalone, and it's very important to mention standalone, even excluding the Butlers operation, improved in pretty much all unit economics and delivered a positive EBITDA margin of 1%. In detail on the gross margin, to start with, although the increased purchase prices and elevated container input costs remain a burden, this impact was by now largely offset by factors such as price increases. Further, as also indicated by Marc, we introduced charge for delivery in Europe, for Europe towards the end of Q2 with another positive margin impact, which will be fully visible as of Q3, as only a limited portion of the orders that we incurred in Q2 with the delivery charges were still delivered in Q2. The major proportion will be delivered in Q3, so the impact will also be fully visible as of Q3. As a result, the gross profit margin trend remained clearly positive for the third successive quarter. With the introduction of charge for delivery, we expect this trend to continue also in Q3. Inflation, rising diesel prices in particular, had a negative impact on the fulfillment expenses, but this impact was also cushioned by the group's expanded own delivery capacity and structurally lower fulfillment expenses in the increased offline business. Most important on the margin side is the decline in the marketing expense ratio. That shows that home24 is able to adapt its marketing expenses to a significantly more challenging market environment, with the offline business' higher share of revenue also having a positive impact here. In a market environment that is characterized by plummeting demands, home24 maintains its clear focus on efficient customer acquisition that pays for itself as soon as the customer makes their first purchases. We have very good control on the marketing profitability ratios and therefore, even though the lower demand overall hurts to leverage the profit contribution, we still have very good control on the cost base. In total, it remains clear focus for us, for the management of home24 in total, to bring profitability levels further up over the subsequent quarters. Now, turning to cash. The group's cash and cash equivalents remain robust at roughly EUR 66 million, even post-payment of the largest portion of the Butlers purchase price. First of all, looking at the cash flow, we're very pleased to see the operating cash flow turning positive again, supported by the positive EBITDA, but also through a first decline of the elevated working capital position. home24 managed to achieve a positive operating cash flow of in total EUR 8 million in Q2. The cash outflows from investing activities primarily relate to the payments made to date for the acquisition of Butlers of around EUR 27 million. As in the previous year, other investments are largely associated with the investments in internally generated and acquired software and PPE. Going forward, we aim to keep a strict cost discipline on CapEx, given poor visibility on market conditions and aim to focus the CapEx spend only on the selective key investments. The cash flow from financing activities primarily results from payments on lease liabilities. On top, we paid down previously existing borrowings from Butlers totaling around EUR 15 million. We also managed to compensate EUR 12 million of that through new borrowings that we signed on. As already said, with regard to the profitability focus, also on cash remains full management attention to steer the business towards cash flow profitability. To give you a little more visibility on the working capital, we also want to share more details regarding our inventory position, because by now this makes up a significant portion of cash tied up. Due to the strong decline in demands, a significant amount of cash is tied up, especially looking at it post Butlers acquisition. You see the increase that we see here due to the Butlers acquisition and also Butlers incurred a significant inventory proportion. In total, inventory is by the end of Q2 at around EUR 93 million and EUR 74 million of that in Europe. That is significantly elevated. It's more than what we need at the current market demand and therefore leaves massive potential for further cash generation in future periods. On the positive side, we see that inventory position very advantageous in a volatile market environment. We have sufficient warehouse capacities available, therefore do not incur relevant costs on top to our fixed cost base. If we look at the prices that we bought those goods for initially compared what prices would be now, the current buying prices would be often well higher than what we paid for those inventories. As a result, we expect inventory levels to decrease continuously over the next three quarters with a probably largest impact in Q4. On the other hand, we also have no intention to push out inventory with a meaningful negative margin impact. As a reminder, Home Living is a rather non-seasonal business in terms of what consumers buy in individual categories, so there's only a very limited fashion risk associated. On top, the home24 business model stocks conceptually only top-selling items that might have currently extended reach, but typically sell well for a rather long period of time. Last but not least, on the final section, we want to shed also more light on the financial impact of the Butlers acquisition, as the whole construct is worth explaining a little bit on it. The earn-out calculation is still preliminary, what you see here on this slide, and subject to further discussions. As of today's perspective, the purchase price for Butlers post-net debt will be around EUR 59 million. Of those, EUR 27 million have already been paid with a base price payment in April. Over the next years, another EUR 21 million payments in cash are about to follow, which should conceptually be generated by the Butlers operations itself. Of those EUR 21 million, EUR 7 million are to be paid in April next year, while EUR 14 million are deferred with the vendor loan until April 2025. The remainder of what has not been paid in cash has been paid in shares. One point two million shares have been newly issued also in April, and the fair value was calculated on a share price of EUR 60.91 per share. On top, a share price guarantee is also part of the consideration. Depending on the trend in the market price, up until December 31, 2026, the contributing seller is entitled to a compensation payment, depending on defined share price thresholds, which would be due in 2027 also in cash. The currently determined fair value of that guarantee or that option is currently EUR 2 million. It's of course subject to fluctuation, and depending on the valuation of that option and that valuation obviously linked to our share price development. With that level of detail on the current finances, let me hand back to Marc Appelhoff for the outlook and what is about to come. Yes. Thank you, Philipp. Obviously outlook in current times is quite challenging. When looking forward, we obviously do not know how long the negative customer and consumer environment will persist, and therefore, we will continue to be very disciplined in spending and focusing on profitability above growth and focusing on and delivering on what we can influence in terms of our own services ourselves. That's next to focusing on profit and cash, we are continuing to invest into completing rooms. We're adding lower ticket items that are more resilient towards macro fluctuations. We're creating a sizable loyalty opportunity, not only of Home24 and Butlers together in Germany, but also with the marketplace rollout in the non-German European business. Together with the Butlers combination, this will make our Home24 destination not only more attractive, but also more resilient and profitable in the future. As hinted in the summary, the Q3 trading patterns are very much in line with June. Online demand remains limited, and we remain disciplined in customer acquisition while maximizing the benefit of the marketplace and the Butlers combination potentials. The 2021 baseline is lower for the second half of this year. Thus, it will be easier to deliver growth. As we do not expect the demand situation to improve short-term, we have planned to break even and turn cash flow positive in Europe as of Q4, even in the current demand environment. Given the low visibility and continued weak consumer sentiment, we now expect revenue outcome for the year rather around the low end of our initial guidance range and have adjusted that revenue guidance down. Not adjusted for currency effects, that reported growth rate could be 2-3 percentage points higher at the end of the year, but also FX is something we cannot influence and therefore have excluded in this guidance. Yeah. We also cannot give a credible update as to when we will reach our goal of EUR 1 billion in revenue. That's why we've included it in the outlook revision of the revenue. It shouldn't come as a surprise to you that we don't know when demand patterns will return to normal. We don't know when the online growth in our vertical will go back to the roundabout 15% per annum growth. As soon as that is the case, we will be in great shape to exploit that potential again, shall we make it now through this crisis with our very diligent and focused effort on profitability. You will have hopefully also noted that we have kept and confirmed the Adjusted EBITDA guidance range of +EUR 1-EUR 5. Demonstrating that we are taking the corrective measures needed in the demand environment to meet our profitability goals. Again, we all cannot control or influence the market environment, and this outweighs the long-term opportunity in the short term. I firmly believe that the players that will make it through the difficult times now will be in a very privileged position to take share, and we are making everything in our power to ensure that we are among these players. Looking at the first combined quarter of having consolidated Butlers, I think it demonstrates that our midterm profitability targets of mid-teens% adjusted EBITDA will be quite realistic in a normal market environment of a combined company run in Europe. Therefore, with all seriousness and alertness and agile in behavior that we're demonstrating each day, looking at the market environment and the macro environment and the political environment, we are confirming to you that we take everything in our power to ensure that home24 will remain one of the leading platforms also after this crisis. With that, we thank you all for listening and open up for Q&A. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speaker phone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We will pause for just a moment to allow everyone an opportunity to signal for a question. We will take our first questions from Christian Salis. Your line is open. Please go ahead. Hey, good morning, everyone. Christian Salis from Hauck & Aufhäuser. I've got four questions, please. First of all, could you please provide an indication on current trading so far in Q3? Secondly, on Butlers standalone, so can you please share the standalone figures for Butlers, the headline figures like sales growth year-over-year in Q2, and maybe also give an indication whether the company standalone was able to generate a double-digit EBITDA margin in Q2. Thirdly, could you please provide some details or elaborate a little bit on the cross-selling between Butlers and home24? How is this running? Also, could you please talk about whether you've been already able to convert more offline customers to online customers with the acquisition of Butlers? Finally, on cash flow, so you reached positive free cash flow in Q2. So how should we think about the cash generation in H2, assuming the midpoint of your guidance, for example, do you think you can be cash flow breakeven also in the second half? Thank you. Thank you, Christian. Current trading in Q3, as we hinted at, is very much in line with the market demand trends that we have seen in Q2, and that's also why we have revised our growth range. When we set that growth range end of March, we still expected the second half of this year in terms of market demand to show, to return back to, you know, at least lower levels of growth because of the weaker second half of 2021 in terms of baseline. What we currently see is that the volume remains on a stable, but, you know, a level that we've seen in previous year, but that doesn't show growth. Yeah. The online demand volumes are addressable, but we can't scale. Therefore, we are, as mentioned many times in this presentation, focusing on what we can influence, and that is being more efficient in converting that demand and then also generating more profit contribution out of that demand. In terms of the Butlers standalone, also throughout this presentation, we shared that Butlers standalone was around about EUR 24 million in revenues in Q2 and realized around about 10% adjusted EBITDA margin on that. Obviously, rent coming below IFRS, therefore IFRS EBITDA, therefore, in terms of results, you know, very limited contributions in net income because the main profit is generated in Q4 for Butlers. In terms of year-over-year, Butlers obviously has a very skewed 2021 baseline because of the COVID effects that influenced three-quarters of the Butlers business, namely the stores. Therefore, what the management is looking at, what we are looking at when comparing the current trading on the Butlers side is the like-for-like compared to pre-COVID in 2019. We see a healthy low single digit growth store like-for-like even in the current market environment, which makes us confident that also like in historic low demand periods the Butlers assortment remains valid for many consumers also in the current market environment. In terms of cross-selling, it's very early days. We've shared quite openly the dates when we started doing combined events. The biggest traction, as shared in the presentation, is that we do sell the Butlers assortment on home24, and we already start generating relevant revenues through that, and therefore, also relevant margins because the Butlers private label assortment is much higher margin than if we would sell third-party assortment in accessories, home textiles, et cetera. We have not started cross-selling furniture on Butlers, as also shared in the presentation today. We will start that still within Q3, but we don't expect that to gain significant traction before we also start advertising that in the stores, given most of the traffic also for the Butlers online business is generated offline, and therefore, that would rather be a Q4 and forward event. The converting of offline to online customers and vice versa is something that we're experimenting with, but it's not having any significant sizable impact on the financials still at the moment. Obviously, that's the biggest potential we see mid to long term, that when we open up our existing customer bases and email and marketing bases to each other and then start being very relevant for example, geo-targeted customer groups and inviting them to the stores, but also generating leads through, for example, the home24 app downloads in the stores by offering promotion exclusively to homeCLUB members. That we can target those customers also going forward and then convert more and more offline to online customers. It's still early days. We're now in the summer period where furniture is less relevant also for those customers visiting the stores. I guess, yeah, the best update on how well this will be faring will likely then be only at the beginning of next year when we give the Q4 update. For cash flow, Philipp? Yeah, in terms of cash, let's probably split the answer into two parts. One for the Latin American segment and the other for the European segment. In terms of Brazil or Latin America, we try to steer the company cash flow neutral in the second half of the year, knowing that the profitability level is significantly below what we are about to see in Europe. We will try to compensate it with working capital measures. Overall, the cash flow in Brazil should broadly stay neutral ahead of potential FX effects. On the European side, we have a higher ambition level, and we aim to have at least Q4 cash flow break even ahead of working capital effects in Q4. That holds true for Butlers, where it is rather simple, but we aim to have that also in place for the European business, excluding Butlers. We try to, at least in Q4, have an EBITDA that covers fully for CapEx, for leasing liabilities, ahead of additional positive effects that we expect through from working capital, as mentioned, through continuously declining inventory levels that are by now elevated. Year-end cash should be above what we see today in Europe. Q3 most likely will not be fully cash flow breakeven ahead of working capital effects. For Q4, that is definitely the ambition, and that is also the way we think about it going forward, that we steer the business cash flow neutral at least ahead of working capital swings that we will always have in Europe due to some seasonality patterns. Maybe a quick follow-up on the inventory position. Where do you see this at year-end, probably? We will not give a specific indication for that, but we aim to generate double-digit cash inflow from lower inventory levels. I think that's natural. If currently we already receive goods that will be sold during Q4 in the stores with sell-through logic, then it should be clear that it should be reduced sizably until the end of the year. All right. Very helpful. Thank you. Once again, if you would like to ask a question, please press star one. It appears there are no further questions at this time. Well, thank you very much, everyone. Philipp and I remain just available for all of you for the rest of the day. Reach out in case you have follow-up questions. Thank you very much. Stay safe in these current crazy times. Looking forward to catching up with everyone for the Q3 earnings call then later this year. Thank you. Bye-bye. This concludes today's call. Thank you for your participation. You may now disconnect.